Saturday, April 21, 2018
News: Page (1) of 1 - 05/01/12 Email this story to a friend. email article Print this page (Article printing at page facebook
Owner of Payless, Stride Rite stores being sold
Collective Brands being sold for $1.32B to private group including Hush Puppies owner
By The Associated Press

NEW YORK (AP) ' The owner of the shoe store chains Payless and Stride Rite is being acquired for about $1.32 billion by a group that includes the owner of Hush Puppies.

Collective Brands Inc., which has been looking for a buyer, has agreed to an offer from a group including Hush Puppies owner Wolverine Worldwide Inc. and two private investment firms.

The buyer, which also includes Blum Capital Partners and Golden Gate Capital, will pay $21.75 for each Collective Brands share. That is a 5 percent premium to Collective Brands' closing price of $20.77 on Monday.

Topeka, Kansas-based Collective Brands' stock gained 41 cents, or 2 percent, to $21.18 in morning trading Tuesday.

Collective has about 60.8 million outstanding shares, according to Fact Set.

The companies valued the deal at about $2 billion including debt.


Page: 1


Our Privacy Policy --- About The U.S. Daily News - Contact Us - Advertise With Us - Privacy Guidelines